Lytus Technologies enters Indian FinTech space with a new payment gateway
By Gloria Mathias
Lytus Technologies, a technology-driven services company, has announced the launch of its payments gateway for Indian consumers.
This marks the entry of Lytus Technologies into the Indian FinTech market by introducing its payments gateway offerings to businesses in the Indian cable and broadband sector.
The company entered the Indian market with its Telecast & Multicast and broadband services. Recently Lytus Technologies, Nasdaq, India, Payments, FinTech India, Digital India, Payments appLytus Technologies, Nasdaq, India, Payments, FinTech India, Digital India, Payments appacquired a 51% stake in Sri Sai Cable and Broadband Private Limited in Telangana India.
With the aim of expanding in India by offering diverse services to Indian consumers, the launch of the payment gateway will provide an additional boost to the company in the market. Initially, Lytus consumers using IPTV and broadband services will enjoy the convenience of the new payment gateway, facilitating transactions.
The rise of digital commerce, along with innovations in payment technology using AI, blockchain, the Internet of Things (IoT), and the introduction of mobile point-of-sale (POS) devices, has shifted Indian consumer focus toward digital alternatives for financial transactions and services.
Shreyas Shah, CFO of Lytus Technologies said, “Lytus’s unique business model is particularly suited to expand its FinTech services offering to its nationwide base of nearly 4 million users. The company intends to invest 50 million dollars to expand its FinTech business in India over the next five years. While the initial rollout focuses on a B2B model, it plans to extend services to its subscribers within the next 12 months.”
“Lytus’ FinTech products will be initially available to customers in metro cities, and the company will also focus on offering its FinTech services to businesses and individuals in rural parts of India to bridge the gap that currently exists in the traditional banking sector,” added Shah.
As India’s FinTech landscape continues to thrive, Lytus Technologies’ commitment to bridging the digital divide between urban and rural areas and providing cutting-edge FinTech solutions is set to contribute significantly to the country’s financial ecosystem.
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